Polish bank Pekao has launched an app that helps children save and learn about how to manage their money.
PeoPay Kids can be installed by parents on a child's phone and can then be used for a savings account, where 'money-boxes' can be created to save funds for specific goals.
Account holders can transfer money and top up their pre-paid mobile phones, with parents receiving a request to approve transactions.
The app also has a virtual coach function, giving kids money management tips and an introduction to the world of finance.
Parents can manage the account, verifying expenses, controlling the balance, or setting other functions. They can also set daily limits for the app's companion payment card.
"We’ve noticed that Poland lacks proper banking solutions for school-aged children. We’ve created PeoPay Kids in response to the needs of parents and children," says Marek Tomczuk, VP, Bank Pekao.